Filing Annual Returns with ACRA
All Singapore company incorporated are required to hold their Annual General Meeting (AGM) and file Annual Returns under S175, S197 and S201 of the Companies Act. Directors shall present the true and fair view of the company’s account to their shareholders at the AGM.
For the Annual General Meeting (AGM), in accordance with S175, a company is required to hold its first AGM within 18 months after its incorporation. Thereafter, subsequent AGMs must be held every calendar year and the interval between AGMs should not be more than 15 months.
Apart from that, it is stated in S197 that the Annual Return must be filed with the Registrar within 30 days after the AGM.
Directors should appoint individuals with the required level of expertise for preparation of such accounts. The Annual Returns filing shall be conducted online via BizFile+ by the appointed officer of the company, such as the director or the company secretary. Alternatively, the company can engage the services of a registered filing agent to file the Annual return on behalf of the company.
Who is required to file Annual Returns with ACRA?
- Small EPC
- Normal EPC
- Dormant EPC
- Private Company (Non EPC)
- Public Company
EPC, also known as Exempt Private Company is a private company which has at most 20 shareholders. No corporation holds (directly or indirectly) any beneficial interest in the EPC’s shares. It can also be a company the Minister has gazetted as an EPC. EPC is required to file Annual Returns via BizFile+.
By obtaining approval from ACRA, one may file Annual Returns with ACRA without holding their AGM. So, how is the application for filing Annual Returns without holding AGM?
Step 1: Go to BizFile+.
Step 2: Under “Explore eServices”, select “Local Company”
Step 3: Under “Annual Return”, select “Application for filing Annual Return with One Director’s Signature and/or no AGM held”
Step 4: Enter the company’s UEN and thereafter select the applicable options
Step 5: Follow through the pages by filing in the lodger’s particulars and future plans of the company
Step 6: Select the shareholders who were unable to present for the AGM
Step 7: Complete our transaction with an application fee.
A penalty will be imposed for late lodgement as prescribed in the Companies Act, Cap 50. Besides, a summons may be issued against a company director for not holding the company’s Annual General Meeting and filing its Annual Returns as stipulated under the law.
How 3E Accounting can help you?
As mentioned earlier, you may choose to engage services provider for company secretary services alternatively. When you engage 3E Accounting’s company secretary service, you will be able to enjoy FREE Annual General Meeting (Standard) and annual return submission and FREE approval of director fees in AGM for your Private Limited Company Setup.
Appointing 3E Accounting as your company secretary will be your great support in your business. Contact us for more information today!